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Dec 31, 2025
TFI Q4 2025 Earnings Report
TFI International reported a decrease in operating income and net income for the fourth quarter of 2025 compared to the prior year, with a slight increase in net cash from operating activities and free cash flow.
Key Takeaways
TFI International announced its fourth quarter and full-year results for 2025, reporting a decrease in total revenue, operating income, and net income compared to the same period in 2024. Despite the decline in profitability, the company saw an increase in net cash from operating activities and free cash flow. The Board of Directors approved a 4% increase in the quarterly dividend.
Fourth quarter operating income decreased to $127.2 million from $160.2 million in Q4 2024.
Net income for the fourth quarter was $71.7 million, down from $88.1 million in Q4 2024.
Diluted EPS for Q4 2025 was $0.87, compared to $1.03 in Q4 2024.
Net cash from operating activities increased to $282.2 million from $262.4 million in Q4 2024, and free cash flow rose to $258.9 million from $207.5 million in Q4 2024.
Revenue by Segment
Forward Guidance
TFI International expects first quarter 2026 adjusted diluted EPS to be between $0.50 and $0.60, and full-year net capital expenditures excluding real estate to be between $225 million and $250 million, assuming no significant changes in the operating environment.
Positive Outlook
- Anticipated adjusted diluted EPS for Q1 2026 is between $0.50 and $0.60.
- Full-year net capital expenditures excluding real estate are projected to be between $225 million and $250 million.
- The company is focused on leveraging its unique infrastructure and capabilities for growth.
- Continued emphasis on customer service and operational efficiencies.
- Strategic allocation of capital to internal growth investments and attractive M&A.
Challenges Ahead
- Guidance assumes no significant positive or negative change in the operating environment.
- Weaker end market demand has impacted revenues in the past.
- Decline in revenues due to reduced volumes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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